October 1 - After what seemed like a solid start for 888 Holding's
listing on the LSE, the share price took a dive on the first day of public
trading. It further proved the market's uncertainty about online gambling stocks
when other stocks were also negatively impacted. The share initially went up by
around 5%, but later fell to 162p, or 12%, the price had recovered to 170p by
close of trading, marking a volatile first public day for the newly floated
online gambling group.
The volatility affected other listed stocks: Sportingbet saw a drop in share
price of 3.1 % and PartyGaming was felt the effect even more, dropping by 8.4 %
(this is 25% down from their IPO). t
John Anderson, the CEO of 888 Holdings admitted that the growth warnings
by PartyGaming's in September affected market sentiments negatively, but was
positive when he emphasized that they were focused on the business, and not the
market.
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